Urgent Call for the Public Sector Pension Investment Board to Withdraw Above Guideline Rent Increases in Thorncliffe Park and Invest Responsibly

Group standing holding long sign that reads "RENT STRIKE! STARLIGHT: DROP THE RENT HIKES"

The Urgent Call: We are raising our voices to address the urgent matter of above guideline rent increases at 71, 75, and 79 Thorncliffe Park Drive in Toronto and to advocate for responsible investment practices as it relates to the investment of public sector pension funds. This issue has deeply affected many tenants who have been on a rent strike since May 1, 2023, to protest above guideline rent increases and those who work in the public sector whose pension funds are being used to push people out of their homes.

The Public Sector Pension Investment Board (PSP Investments) is a Canadian Crown Corporation that invests funds for the pension plans of the federal public service, the Canadian Armed Forces, the RCMP, and the Reserve Force. PSP Investments owns 71, 75, and 79 Thorncliffe Park Drive through its partner Starlight Investments, one of the largest landlords in Canada, in which it is a significant investor.

Why Your Participation Matters:

Tenant Rights: Your support can help ensure that tenants are protected from predatory rent increases that jeopardize their security and well-being.

Ethical Investment: By joining us, you advocate for responsible and ethical investment practices that benefit not just pension funds but also our community.

Solidarity: Your voice adds to the chorus of individuals demanding change, making it harder for those responsible to ignore the call for action.

Take Action: We urge you to join us in sending a powerful email to PSP Investments President and CEO, Deborah Orida, and other key individuals, calling on them to withdraw the rent increases and invest responsibly. Your participation can make a significant difference in the lives of countless Canadians who deserve safe, affordable housing, and ethical investments for their futures, and help ensure your own pension is not used to displace Thorncliffe Park tenants.

Together, We Can Make a Difference: We believe that responsible investing, social responsibility, and tenant protection are values we can all stand behind. By coming together, we can make a strong impact and drive change in our community.

Your Voice Matters - Act Now!

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I am writing to you today with an interest in the welfare of both tenants and public service employees who invest their hard-earned pensions with the Public Sector Pension Investment Board (PSP Investments).

I want to draw your attention to a critical issue that has deeply affected many. Tenants at 71, 75, and 79 Thorncliffe Park Drive in Toronto have been on rent strike since May 1, 2023, to protest above guideline rent increases that force people out of their homes. PSP Investments owns these buildings through its partner Starlight Investments, in which it is a significant investor. I write to you in support of the tenants and call on PSP Investments to immediately withdraw the above guideline rent increases at these buildings.

Furthermore, Starlight Investments is one of the largest landlords in Canada, with a vast portfolio of 65,000 units across eight provinces and an additional planned 21,000 rental units. While Starlight's portfolio has grown substantially, their business practices have raised serious concerns. Starlight Investments has been at the forefront of seeking above guideline rent increases. This has resulted in the displacement of tenants and financial burdens for those who can least afford it. Starlight's practices are predatory, targeting even tenant organizers with eviction threats.

Additionally, the track record of Starlight's founder, Daniel Drimmer, raises serious concerns about the company's commitment to tenant safety and well-being. His previous company, TransGlobe, faced numerous safety complaints and over 200 charges related to violations of housing standards and fire safety laws.

Over the past few years, the average rent for apartments in Canada has skyrocketed, making it increasingly unaffordable for individuals and families to secure stable housing. This trend has only exacerbated the housing crisis and financial hardships faced by many Canadians.

It is evident that PSP Investments' involvement with Starlight is currently not aligning with the values of responsible investing, social responsibility, and tenant protection that we would expect from a public sector pension fund. In addition to taking immediate action on the above guideline rent increases in Thorncliffe Park, it is time for PSP Investments to reconsider how it operates with its partner Starlight Investments and take steps to ensure its actions align with the values of ethical investment. 

I understand that maximizing returns is important, but not at the cost of our fellow Canadians' well-being and security. I believe that we can achieve both ethical investments and respectable returns. PSP Investments can, and must, take the steps outlined in this letter. 

In closing, I hope you consider this call to action sincerely. We look forward to your support and cooperation in rectifying the current situation. Together, we can make a significant difference in the lives of countless Canadians who deserve safe, affordable housing and ethical investments for their futures.

Thank you for your time and consideration.

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